Companies negotiating the curves of the changing times must avoid four traps, said Nayar: technology obsession, the trap of history, cultural trap and cost trap.

Nayar said that sometimes companies invest in technology without understanding its relevance to their business. "Buy something that is going to help your business."

On avoiding the history trap, he said: "What matters is what happens today. The rear view mirror has to go. Each passing day if you don't work, you become irrelevant."

He urged his customers to adopt basic business values that are global and go beyond parochial cultures. Respecting and trusting employees is very important in this regard, he said.

Critical success factors